Will the market wait and see how much further the U.S. dollar can rise following Trump’s landslide victory?

Will the market wait and see how much further the U.S. dollar can rise following Trump’s landslide victory?

07.11.2024

In the U.S. currency market the previous day, the dollar strengthened throughout the day following the Republicans’ landslide victory in the U.S. presidential election. The EUR/USD pair fell from 1.0936 to 1.0681, plummeting to the -3σ level of the hourly Bollinger Bands. On the 4-hour chart, the price has moved from above the 20-period moving average (MA) to below it, while on the daily chart, the price has broken significantly below the 200-period simple moving average (SMA) support line with a solid candle body.

Among European currencies, the euro rose slightly against the yen. The EUR/JPY pair climbed from 164.920 to 166.103. On the hourly chart, the price has moved from below the 20-period moving average (MA) to above it. On the 4-hour chart, the price is trading just below the 20-period MA, while on the daily chart, the short- and long-term moving averages are converging. Therefore, we should exercise caution in assessing whether price fluctuations will occur during European trading hours.

Today’s key economic indicators include German industrial production and trade balance at 4:00 PM, UK Halifax house prices at 9:00 PM, the Bank of England’s interest rate decision and policy statement at 9:30 PM, a press conference by Bank of England Governor Bailey at 10:30 PM, U.S. initial jobless claims at 10:30 PM, U.S. wholesale inventories at midnight,at 12:30 a.m. US weekly natural gas inventories, at 4:00 a.m. the US FOMC policy rate decision and statement, and at 4:30 a.m. a press conference by US Federal Reserve Chair Powell. We intend to cautiously monitor the upside potential of the US dollar, which has risen across the board following Trump’s landslide victory.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed